7 Financial Hurdles to Becoming a Stay at Home Dad

Today I’m guest posting and commenting at the personal finance blog Reach Financial Independence. Click the link below to read about the financial challenges my wife and I decided to check off our list before I became a stay at home dad.

Image at Wikimedia Commons

So, you want to be a stay at home dad? Great! I’ve recently become one after several long years of planning and deliberation. Needless to say, it’s a decision that cannot be taken lightly.

In order to reach this point, my wife and I desired for several things to happen. First of all, my wife needed to REALLY aspire – out of her own conviction – to work outside the home. I didn’t pressure her or twist her arm to make this happen. In fact, on many levels, she wanted it more than I.

Secondly, there were of course financial matters to consider. Going from two incomes to one is no picnic. We both had to focus on…

I'm a former high school administrator and personal finance teacher now turned stay at home dad. I love collecting baseball cards, running my rental real estate properties, going on vacations with my four kids and hearing my wife talk about all the cool things CPAs do at work. You can connect with me on Facebook,Twitter and Google+.

Comments

My husband and I talk about this all of the time, that he should stay home when we decide to have kids. It is just a matter of getting our finances in order and making extra income to supplement the income we would lose if he left the work force.

It will take a lot of planning and discussion. I think the biggest issues to overcome are a) he really wants to do it (and will be good at it) and b) you’ll be fine with it. We were at the stage of our life (personally and financially) where it made sense. We couldn’t have done this 10 or even 5 years ago.Brian recently posted…How to Make a Thousand Dollars in a Month on the Side With a Blog

We are seriously considering this transition. Without getting too far ahead of myself, I have a job offer on the horizon that can potentially be a $20K increase. With that, hubby could leave his job….which honestly we talked about him doing anyway cause it is physically tearing him up.

With us both working full time now and a son, it is hard to keep the house tidy, healthy dinners cook etc. We’ve talked about him leaving his job and working on one income. But I also know my hubby…he would need a side hustle to be fulfilled. Maybe he could start a business that he’s aspired to do, or part time handy work. But at the same time, it would give that extra attention we would need at home, especially if I took on a more demanding position.

I can completely relate to all you are debating. We felt similar frustrations with our two-career schedule and the pressures that come from raising a family. It’s a big step and both of you need to be 100% committed to the role you will play, otherwise it will fall apart.

Being a house husband is no joke. I was one for 6 months and it was difficult to experience not only babysitting and house chores but also the thought of your wife providing for the family. This experience led me to freelancing and investing. My advice for dads out there: get a source of income right away, stay positive, and associate earning money with positive things. Right Brian?Jayson recently posted…6 Tips for reading through contracts and the fine print

Yes…I agree Jayson. Knowing you are doing something to help the family financially will go a long way in keeping you positive and fulfilled. That wouldn’t necessarily have to be a part-time job…you could help the family in other ways like learning how to coupon, run a proper budget and oversee the family investments.Brian recently posted…Back to School Savings I Donât Care About

“…built his own business.” I like that Marie. Even with the full time house duties there will still be time for side projects. It’s great to find something like that to keep your mind active.Brian recently posted…Back to School Savings I Donât Care About

The reason why most men often stay at work is because they earn more and they can’t see how they could afford not to be the main breadwinner. In the vast majority of cases where men have decided to stay at home, it’s because their wife earns more.

“…it’s because their wife earns more.” That was our case. But a huge part of it for us was reducing stress and providing a better home environment for our kids. Not that it was bad, just extremely hectic and we felt like a few things were slipping through the cracks. It was worth the sacrifice of my salary not to let that happen.

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